Suppose you are fitting a linear model which has heteroskedastic (non-constant) residuals. I have read that there are a number of ways of dealing with this situation, including Weighted Least Squares (WLS) estimation and applying Box-Cox and/or Box Tidwel transformation.
As far as I understand, the WLS computes weights and assigns them to each observation as to make spread of residuals more constant. For example, data points with large residuals receive lower weights.
The Box-Cox transformation is essentially a power transformation to the DV: the y variable. The Box-Tidwel transforms the IVs: X variables to make their relation with Y linear.
What I am interested in is in which cases would you prefer WLS over transformations and vice versa? Or is it simply a trial-and-error process of trying different methods? Some intuitive and experience-based explanations would be very much appreciated.